Brazil Challenges China in Dominance over Rare Earth Minerals in 2024

By Shubhendra Anand , 23 September, 2024

Rare earth elements are in demand as the clean energy transition progresses rapidly. Clean energy deployment in the energy sector will increase the need for rare earth elements in 2024. Brazil poses a challenge to surpass China's dominance of rare earth minerals. This information in 2024 follows Europe's decision to become self-reliant with rare earth minerals in 2024.

New information regarding rare earth elements shows that countries globally are trying to become independent with clean energy resources. Since rare earth elements are needed to boost green transformation, economies try to be self-reliant. Another factor can be less dependence on China. Western countries like Europe and the United States are trying to reduce their dependency on Chinese products in the energy transformation sector. Electric vehicles are essential players in the clean energy transition. These two countries are imposing taxes on imported Chinese electric vehicles to their countries in 2024—Brazil's announcement to challenge China's dominance over rare earth reserves in 2024 marks essential points. The survey claims that Australian and Brazilian firms developed the rare earth industry in Brazil in 2024. Brazil is noted to have the highest number of mining spots; however, the country is stepping into developing rare earth minerals in 2024.

Moreover, Brazil is third in the world's third-largest country with rare earth minerals spots. It includes the names of some minerals that are difficult to get. Lower labor costs can also boost the speed of Brazil's rare earth elements sector.

The rare earth minerals sector is on track, as seen by the discovery of Serre Verde, a rare earth element. Moreover, the country has started its commercial production in 2024. It anticipates producing 5000 tons of this critical mineral per year. However, despite challenges, Brazil hopes to challenge China by dominating rare earth elements. Hence, Brazil plans to find two to three more rare earth mines by the end of 2030.